True North Copper reports significant drilling success at Mt Oxide’s Aquila Prospect and advances its Cloncurry Copper Project with a new scoping study, backed by a $12.5 million capital raise to fund 2026 growth.
- High-grade copper intercepts at Mt Oxide Aquila Prospect extend mineralisation beyond 1,000m strike
- Cloncurry Copper Project scoping study confirms economic development pathways
- Oversubscribed $12.5 million capital raise strengthens balance sheet
- 2026 exploration program planned with focus on drilling, resource growth, and regional targets
- Environmental compliance maintained with no tenement disposals during the quarter
Strong Drilling Results at Mt Oxide
True North Copper Limited (ASX – TNC) has delivered a robust update for the December 2025 quarter, highlighting substantial progress at its Mt Oxide Project in Queensland. The company’s drilling campaign at the Aquila Prospect confirmed a large-scale copper system with high-grade intercepts, including a standout 59 metres at 1.77% copper, 0.04% cobalt, and 5.2 grams per tonne silver from 134 metres depth. Notably, within this interval, a 7-metre section graded an impressive 7.9% copper, underscoring the prospect’s potential for a long-life, high-grade resource.
Drilling extended mineralisation continuity to over 1,000 metres strike length with estimated true widths between 45 and 60 metres, and the system remains open in all directions. These results validate the company’s targeting approach, which integrates geophysical chargeability and conductivity data, and set the stage for an expanded drilling program in 2026 aimed at further resource growth and discovery.
Cloncurry Copper Project Advances with Scoping Study
Alongside exploration success, True North Copper released a scoping study for its Cloncurry Copper Project that outlines a capital-efficient and technically robust development pathway. The study leverages existing infrastructure at the Great Australia Mine and regional processing options, providing multiple avenues to value creation. This foundational work supports the company’s plan to progress to a Pre-Feasibility Study (PFS) targeted for late 2026, focusing on optimising throughput, development sequencing, and risk management.
Managing Director Andrew Mooney emphasised the disciplined approach – "Our focus is on doing the fundamentals well, optimising the project, managing risk, and advancing toward a Pre-Feasibility Study that stands up technically and economically." The PFS will refine key parameters to underpin a robust development strategy.
Capital Raise and Financial Position
True North Copper successfully completed an oversubscribed $12.5 million capital raise during the quarter, attracting strong institutional and director participation. This funding bolsters the company’s balance sheet, with cash reserves of approximately A$12.4 million at quarter-end, and underpins the planned 2026 exploration and development activities. The raise included commitments from major shareholder Tembo Capital Holdings UK Ltd and Chairman Paul Cronin, subject to shareholder approval.
Regional Exploration and Environmental Compliance
Beyond its core projects, True North Copper continued disciplined regional exploration targeting large-scale copper-gold systems, notably at the Salebury and Chumvale areas. These efforts aim to build a long-term discovery pipeline with multiple Iron Oxide Copper Gold (IOCG) style targets identified through geophysical and geological surveys.
Environmental stewardship remained a priority, with no discharges reported despite wet weather events, and ongoing monitoring of air, surface water, and groundwater quality. The company also progressed environmental approvals to support its 2026 drilling program.
Looking Ahead
True North Copper is poised to enter an execution-focused phase in 2026, with plans to extend and grow the Aquila discovery, advance the Cloncurry Copper Project through the PFS, and pursue regional exploration targets. The company’s integrated strategy balances near-term development with longer-term discovery potential, supported by a strengthened financial position and experienced leadership.
Bottom Line?
With strong drilling results and a clear development roadmap, True North Copper is set to accelerate its growth trajectory in 2026.
Questions in the middle?
- How will upcoming assay results from the expanded 2026 drilling program impact resource estimates at Mt Oxide?
- What are the key technical and economic risks identified in the Cloncurry Pre-Feasibility Study process?
- How might shareholder approval outcomes affect the timing and scale of planned exploration activities?